Amid many predictions of falling property prices throughout the coming year, there are some areas that are likely to less affected.
Prime London postcodes, including Westminster, Camden, and Kensington and Chelsea, as well as university cities such as Oxford, York, and Cambridge, are reported to be the most likely to escape relatively unscathed.
Homeowners in these areas often have a good amount of equity under their belts and are therefore more insulated from rising mortgage costs. For instance, mortgages account for only 7% of the total value of homes in Kensington and Chelsea. This borough also has very few first-time buyers, who may be more likely to sell up in the face of unaffordable mortgage payments.
Recent news has shown (April 2023) that the average house price continued to rise in March 2023. However at a slower rate than the previous month.
The Halifax House Price Index shows that average prices rose by 0.8% in March following a 1.2% rise in February, with a typical UK property now costing £287,800.
The annual rate of house price growth slowed to 1.6% though, compared to 2.1% seen in the past 3 months.
Your home may be repossessed if you do not keep up repayments on your mortgage
